car-BIBA acts on motor insurance costs

The British Insurance Brokers’ Association (BIBA) is calling on the Government to implement an eight-point plan to reduce the spiralling cost of motor insurance.

The Association’s recommendations, which have been submitted to the Transport Minister ahead of today’s Transport Select Committee meeting, include:

The introduction of Continuous Insurance Enforcement; signposting to a relevant broker, particularly for young or non-standard drivers; reviewing the driving test and Pass Plus; engagement with Lord Justice Jackson’s review of civil litigation costs and access to driving licence records.

BIBA has also outlined the reasons for the recent increases in the cost of motor insurance, naming: claims inflation, reduced investment income of insurers, competition, commoditisation, insurer withdrawals, uninsured driving and fraudulent claims.